UMFB Reaffirms Stability and Growth at 5th Annual General Meeting
The UNAAB Microfinance Bank (UMFB) Limited restated its steady growth and operational resilience during its 5th Annual General Meeting (AGM) held on December 11, 2025, at the Postgraduate School Auditorium of the Federal University of Agriculture, Abeokuta (FUNAAB).
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The UNAAB Microfinance Bank (UMFB) Limited restated its steady growth and operational resilience during its 5th Annual General Meeting (AGM) held on December 11, 2025, at the Postgraduate School Auditorium of the Federal University of Agriculture, Abeokuta (FUNAAB).
Presenting the 2024 performance report, Vice-Chancellor and Board Chairman, Prof. Babatunde Kehinde, highlighted the Bank’s robust performance despite global economic pressures, including geopolitical shifts, rising inflation, and adjustments to Nigeria’s Monetary Policy Rate from 18.75% to 27.50%, alongside an increased Cash Reserve Ratio.
UMFB recorded strong growth across key indicators: total revenue rose by 32.5% to ₦146.28 million, total assets grew by 23.3% to ₦632.36 million, the credit portfolio expanded by 18.3%, and customer deposits surged by 51.3% to ₦385.81 million, reflecting growing trust in the Bank’s services.
Prof. Kehinde noted that regulatory compliance measures impacted short-term profitability but reinforced financial integrity. The Board approved a dividend of 7 kobo per ₦1 ordinary share (₦6.56 million), maintaining parity with the previous year’s payout.
The Board remained largely stable during 2024, with Prof. Remi Aduradola replacing outgoing Director, Alhaji Kamorudeen Adedo, in early 2025. Looking ahead, Prof. Kehinde projected strategic expansion, enhanced digital banking services, improved customer experience, and optimisation of the Bank’s Mobile App and USSD platforms.
Managing Director, Mr. Adebiyi Ayoade, reiterated the management’s commitment to asset growth, robust record-keeping, service excellence, and financial empowerment of economically active Nigerians.
In the Directors’ statutory report, Mr. John Alebiosu affirmed the Bank’s strong corporate governance, regulatory compliance, staff welfare, and Corporate Social Responsibility initiatives. Notably, the Camp/Apakila Branch, UMFB’s first off-campus branch opened in September 2024, received full CBN approval within its first year, marking a significant milestone in extending financial inclusion across Odeda Local Government Area and surrounding communities.
